Posted on: 21st Sep, 2013 07:02 pm
Sixty days AFTER closing, PNC Mortgage sent me a "Loan Security Agreement" to sign that basically strips me of my rights. For example, it says that if I am 30 days late with payment, I agree to vacate the property immediately and they can sale the property in 7 days. If I don't sign within 30 days, they say they will forclose without notifying me. I put down 40%, have a credit score over 800, and have no additional debt. I am a senior citizen. Any advice?
Hi Sasha,
Such a agreement is quite strange. You should immediately consult an attorney in this regard and take his opinion.
Such a agreement is quite strange. You should immediately consult an attorney in this regard and take his opinion.
Hi Sasha!
Welcome to the forums!
I have not heard much about such agreements. As Adonis has said, it will be better if you could get in touch with an attorney and clarify the matter.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I have not heard much about such agreements. As Adonis has said, it will be better if you could get in touch with an attorney and clarify the matter.
Feel free to ask if you've further queries.
Sussane
HI Sasha,
Yes a lender can require you to sign docs after close however that particular document and termswould be best to discuss with an attorney as mentioned. Your loan terms cannot change afterwards so you might inquire why this doc is requested to be signed now.
Yes a lender can require you to sign docs after close however that particular document and termswould be best to discuss with an attorney as mentioned. Your loan terms cannot change afterwards so you might inquire why this doc is requested to be signed now.
